See your exact break-even age — the point where waiting starts paying off.
Claiming at 62 cuts your benefit ~30% vs your full retirement age (FRA, 67 for anyone born 1960+). Delaying to 70 adds 8%/year past FRA — about 24% more than your FRA amount. The "break-even age" is roughly 78–83 depending on your specific ages compared — live past it and delaying wins on total lifetime benefits.
This is a longevity bet, not just math — your health and family history matter as much as the numbers.
Claiming before FRA: benefit reduced 5/9 of 1% per month for the first 36 months early, then 5/12 of 1% per month for any additional months. Claiming exactly 60 months (5 years) early — e.g. 62 vs FRA 67 — totals roughly a 30% reduction.
Delaying past FRA: benefit increases 2/3 of 1% per month (8%/year) up to age 70 for anyone born 1943 or later. There is no benefit to delaying past 70.
Methodology: Assumes FRA of 67 (applies to anyone born 1960+; earlier birth years have a lower FRA — adjust your comparison accordingly). Applies the exact SSA percentage reduction/credit formulas to your FRA benefit. Break-even is calculated as the age where cumulative payments from the delayed-claim path overtake the early-claim path. Does not model cost-of-living adjustments (COLA), taxation of benefits, spousal/survivor benefits, or working while claiming.